Because of weaker-than-expected market conditions in Finland and Norway in the fourth quarter, Finnish rental company Ramirent has updated its earlier financial outlook for 2013.

“In the fourth quarter, we did not manage to reduce costs to match the lower demand and we are now intensifying measures to strengthen profitability,” said Magnus Rosen, Ramirent president and CEO. “Ramirent estimates that the group’s EBITA for the full year 2013 will be approximately €92 million (about U.S. $124 million) compared to €100.6 million in 2012.”

Previously the company had said it expected Ramirent’s EBITA to be “slightly below the 2012 level.”

Ramirent, based in Vantaa, near Helsinki, Finland, has operations in 13 European countries.